Search
 

Tower Hits the Market in 10-Office Portfolio Move

BOSTON-Beacon Capital Properties places the 60-story John Hancock Tower, along with a portfolio containing nine other properties in Boston, Los Angeles, Washington, DC and Denver, up for sale.

By Beverly Ford | Updated on September 07, 2006

BOSTON-Beacon Capital Properties LLC has put the Back Bay’s landmark John Hancock Tower on the block in a move that one real estate professional says could fetch $1.3 billion for the privately owned real estate investment fund.

The 60-story tower, along with two adjacent office properties and a parking garage that make up the three-million-sf complex, are part of a 10-building portfolio in Boston, Los Angeles, Washington, DC and Denver that Beacon is selling. The portfolio is expected to bring in more than $5 billion for the firm, according to estimates.

“One of the things this signifies is that in the capital markets, people think Boston still has value, which is a good thing for our city,” Gregory Vasil, chief executive officer with the Greater Boston Real Estate Board, tells GlobeSt.com. Vasil says it will be interesting to see what price the landmark tower will fetch on the open market given its prominence and its full roster of high profile tenants. “It’s going to be fascinating” to watch, he adds.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.